We see enough merit in this fund to upgrade it to a Morningstar Analyst Rating of Bronze. 

A change of guard has been common here. In Sept 2012, Rahul Goswami and Manish Bhantia took over after the exit of Chaintanya Pande. Although Bhantia was named as joint manager, he had been involved in the funds' day-to-day activities since Nov 2009. In Sept 2013, Rohan Maru replaced Bhantia to become the lead manager. Maru has six years of experience in daily cash management and liquidity analysis of fixed-income funds. Goswami, on the other hand, continues as a comanager. His role here involves overseeing the investment process and contributing towards forming a macroeconomic view. 

Despite the change, there is a consistency in the process. The managers continue to play it safe, investing primarily in AAA or equivalent-rated securities, with higher emphasis on safety and liquidity over the potential for outsized returns. As a result, the fund's portfolio typically has lower credit sensitivity than a typical peer. 

The investment approach is research-based and combines qualitative aspects with quantitative analysis. The manager focuses on the macroeconomic scenario, liquidity conditions, spreads and other short-term influencing factors to define the asset allocation and maturity profile. Investors should be aware that the fund will underperform when credit is the order of the day. The strategy is a plus though if situations such as 2008's flight to quality arise again. 

We have highlighted in our earlier reviews that this is not a bad offering. However we adopted a cautious stance and maintained a Neutral rating for the fund given a series of changes at its helm and Maru's lack of experience in portfolio management. But under Goswami's guidance, Maru has now settled in the role of a portfolio manager. Further, his experience in managing cash flows and liquidity are suited to the job. Goswami's presence at the helm is also a big positive and thus the fund's low fee. In light of the above factors, we upgrade the fund